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I have a unit that was rented out as a dry cleaning store. The tenants broke their contract and left early. The bank owns the equipment left behind but refuse to remove the items saying it would be too expensive. It will cost us a lot of money to remove item. Are banks obligated to remove their items or are we stuck with it?
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The secured creditor can either take possiession or can sell the collateral at your premises under Uniform Commercial Code section 9-602(a)(2). You need to find out if the bank will promptly conduct a sale at your premises or if they will, in writing, waive their rights to the collateral (and permit you to sell to recover your unpaid rent.)
Answered on Apr 07th, 2015 at 12:24 PM